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Business Debts and being chased for payments


monkey_man
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Hi

 

I am currently being chased by suppliers for payment for goods that I have received. As you will have probably guesses my sales have plummited drastically and I am finding it really hard to pay these people at all and they are all now starting to threaten me with courts etc and a few have started court proceedings already. Any advice on what to do please?

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Are you trading as a limited Company or sole trader?

 

Do you see sales increasing again to trade through this difficult patch?

 

The most important thing to do is not ignore the phone calls. SPeak to the suppliers and be honest in saying that you are having a temporary cash flow problem. See if they will take payments in installments.

 

I could do with you letting me have more info so that I can advise best course of action.

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i am a sole trader and the registered address for the business is my home. Trade will improve but not till a few months when Xmas comes as we are in the retail industry so I calculate that I should be able to pay my debts off if not at least a high percentage of it. I have started sending letters out to companies to ask for an extra 28 days but its the court dates that are most worrying!

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Once you have received a Judgement against you to vary the payment terms you need to apply to the Courts for a Variation Order to pay in intsalmments. This can be downloaded from the courts service website.

 

I would not be asking creditors for an extra 28 days credit as it seems that you will need longer than that. Ask them to pay in instalments. Most people in business have been through difficult times and are understanding as long as you speak to them and stick to the repayments offered.

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Once you have received a Judgement against you to vary the payment terms you need to apply to the Courts for a Variation Order to pay in intsalmments. This can be downloaded from the courts service website.

 

I would not be asking creditors for an extra 28 days credit as it seems that you will need longer than that. Ask them to pay in instalments. Most people in business have been through difficult times and are understanding as long as you speak to them and stick to the repayments offered.

 

 

thanks that has been very helpful. i will complete the claim forms and hope for the best. With regard to the rest of the suppliers Im hoping the 28 days could possibly help me sort myself out, but at very least I will be more aware of what I can offer to pay them back monthly as I am sitting down with my accountant shortly.

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